Template:AIFMD 21(7): Difference between revisions

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{{aifmdprov|21(7)}}. The {{aifmdprov|depo}}sitary shall in general ensure that the {{aifmdprov|AIF}}’s cash flows are properly monitored, and shall in particular ensure that all payments made by or on behalf of investors upon the subscription of units or shares of an {{aifmdprov|AIF}} have been received and that all cash of the {{aifmdprov|AIF}} has been booked in cash accounts opened in the name of the {{aifmdprov|AIF}} or in the name of the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} or in the name of the {{aifmdprov|depositary}} acting on behalf of the {{aifmdprov|AIF}} at an entity referred to in points (a), (b) and (c) of Article 18(1) of Directive {{eudirective |2006|73|EC}}, or another entity of the same nature, in the relevant market where cash accounts are required provided that such entity is subject to effective prudential regulation and supervision which have the same effect as Union law and are effectively enforced and in accordance with the principles set out in Article 16 of Directive {{eudirective|2006|73|EC}}.
{{aifmdprov|21(7)}}. The {{aifmdprov|depositary}} shall in general ensure that the {{aifmdprov|AIF}}’s cash flows are properly monitored, and shall in particular ensure that all payments made by or on behalf of investors upon the subscription of units or shares of an {{aifmdprov|AIF}} have been received and that all cash of the {{aifmdprov|AIF}} has been booked in cash accounts opened in the name of the {{aifmdprov|AIF}} or in the name of the {{aifmdprov|AIFM}} acting on behalf of the {{aifmdprov|AIF}} or in the name of the {{aifmdprov|depositary}} acting on behalf of the {{aifmdprov|AIF}} at an entity referred to in points (a), (b) and (c) of Article 18(1) of Directive {{eudirective |2006|73|EC}}, or another entity of the same nature, in the relevant market where cash accounts are required provided that such entity is subject to effective prudential regulation and supervision which have the same effect as Union law and are effectively enforced and in accordance with the principles set out in Article 16 of Directive {{eudirective|2006|73|EC}}.

Latest revision as of 10:04, 7 July 2015

21(7). The depositary shall in general ensure that the AIF’s cash flows are properly monitored, and shall in particular ensure that all payments made by or on behalf of investors upon the subscription of units or shares of an AIF have been received and that all cash of the AIF has been booked in cash accounts opened in the name of the AIF or in the name of the AIFM acting on behalf of the AIF or in the name of the depositary acting on behalf of the AIF at an entity referred to in points (a), (b) and (c) of Article 18(1) of Directive 2006/73/EC (EUR Lex), or another entity of the same nature, in the relevant market where cash accounts are required provided that such entity is subject to effective prudential regulation and supervision which have the same effect as Union law and are effectively enforced and in accordance with the principles set out in Article 16 of Directive 2006/73/EC (EUR Lex).

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